Burford Holdings announces European Hotel joint venture with Ian Schrager.NEW YORK--(BUSINESS WIRE)--March 25, 1997--Burford Holdings PLC. officially announced today that it has entered into a conditional joint venture agreement with US-based hotelier Ian Schrager Ian Schrager is a hotelier and real-estate developer. Schrager began his career as a nightclub owner. In 1977 he partnered with Steve Rubell, his fraternity brother from Syracuse University, in launching the New York City discothèque Studio 54. to exclusively create a chain of highly distinctive hotels throughout Europe. Both parties will be investing equally in the new venture with Ian Schrager, receiving incentive rewards related to performance levels. Ian Schrager will be Managing Director of the new JV company and will be responsible for the development and operations of the hotel business. The joint venture aims at building upon Ian Schrager's already formidable reputation in the US hotel industry where he has created the benchmarks for the next generation of specialized luxury hotels. These include the Paramount, Royalton and Morgans hotels in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , the Delano in Miami, Mondrian in Los Angeles and Clift in San Francisco, which are expected to generate considerably more than $50 million net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. this year alone. The internationally renowned French designer Phillipe Starck has, with Ian Schrager, created some of the most exciting and profitable hotels in the US, and Schrager is seeking to emulate that success in Europe. By teaming up with Schrager, Burford aims to combine a series of hotels in London This article describes the hotels in London, England. Hotels are an important part of London's tourism industry. History Before the 19th century there were few if any large hotels in London. and throughout Europe. At this stage the joint venture is earmarking  It has been suggested that some sections of this article be split into a new article entitled Earmark (USA). an investment of
approximately 100 million in the development of the European hotel
business which is conditional upon due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and ancillary
documentation will be completed within 60 days of this announcement.
"There is little doubt that Ian has created a business which is the envy of the hotel world," said Nick Lesiau, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Burford. "We are extremely excited about the prospect of working with him to create an exciting range of highly individual hotels both in London and Europe and, as in the US, some of the most profitable." "I am very excited about teaming up with the UK's most important entrepreneurial real estate company," said Schrager. "This agreement represents a tremendous asset base from which to start my European hotel business and the best local property expertise so that I can concentrate primarily on the creation and operation of the hotels." CONTACT: Dan Klores Associates, Inc. Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most 212-685-4300 Marcy Engelman / Andrew Katcher |
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